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June 22, 2024
Crypto Trends and Innovation

Ethereum’s Buterin denounces celebrity memecoins, urges purposeful innovation

Vitalik Buterin

Ethereum cofounder Vitalik Buterin. Picture: Michael Ciaglo through Getty Pictures

Ethereum co-founder Vitalik Buterin has voiced criticism in opposition to the rise of celebrity-endorsed memecoins, calling for a shift in direction of cryptocurrencies with substantive, long-term targets.

Addressing the crypto neighborhood by way of tweets on Wednesday, Buterin stated {that a} crypto mission must “have some sort of public-good aim” somewhat than enriching celebrities.

He means that whereas financialization is commendable when aligned with noble causes, many celebrity-driven tokens seem to prioritize speedy monetary returns over significant targets.

Buterin’s feedback come amid a wave of memecoins promoted by celebrities, which he argues lack a transparent objective or imaginative and prescient for the long run.

One of the widespread superstar memecoins launched not too long ago belongs to Iggy Azalea, an Australian rapper who not too long ago launched the token “MOTHER.”

The token has a market capitalization of over US$135 million, as of two:30 a.m. ET, in accordance with DEXTools.

Azalea claims that her mission will donate to curing koalas from chlamydia, a significant illness menace to the inhabitants of the endangered animal.

Some alleged scammers have taken benefit of the superstar memecoin growth to launch suspicious tasks carrying a star’s title.

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